现货成交清淡，豆粕窄幅震荡

Report Industry Investment Ratings - The investment rating for the粕类 is neutral [3] - The investment rating for the玉米 is cautiously bearish [6] Core Views - The adjustment in this report is slightly higher than market expectations, leading to a decline in US soybean prices. Future attention should focus on changes in the new - season US soybeans. In China, the strengthening of Brazilian premiums has supported domestic soybean prices to some extent, but the domestic soybean supply remains sufficient with high downstream inventories. Attention should be paid to changes in China - US policies [2] - For corn, the supply of old grain from traders is limited and its price is firm. New grain is gradually coming onto the market, and traders are mainly buying at lower prices. The overall supply is loose. Feed enterprises are using their inventories, and deep - processing enterprises also want to buy at lower prices. Future attention should be on the listing and purchase of new - season corn [5] Summary by Related Catalogs 粕类 Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 3041 yuan/ton, a change of - 1 yuan/ton (- 0.03%) from the previous day; the rapeseed meal 2601 contract was 2518 yuan/ton, a change of + 14 yuan/ton (+ 0.56%) [1] - Spot: In Tianjin, the soybean meal spot price was 3030 yuan/ton, up 10 yuan/ton; in Jiangsu and Guangdong, it was 2950 yuan/ton, unchanged. In Fujian, the rapeseed meal spot price was 2670 yuan/ton, up 20 yuan/ton [1] - US market: As of September 14, the US soybean good - to - excellent rate was 63%, the defoliation rate was 41%, and the harvest progress was 5% [1] Market Analysis - The report adjustment was slightly higher than expected, causing a decline in US soybean prices. In China, the strengthening of Brazilian premiums supported domestic soybean prices, but supply was sufficient and downstream inventories were high. Policy changes between China and the US should be watched [2] Strategy - Neutral [3] Corn Market News and Important Data - Futures: The closing price of the corn 2511 contract was 2166 yuan/ton, a change of - 1 yuan/ton (- 0.05%); the corn starch 2511 contract was 2443 yuan/ton, unchanged [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2600 yuan/ton, unchanged [3] - US market: As of September 11, the US corn export inspection volume was 1.5117 million tons, a week - on - week increase of 4.7% and a year - on - year increase of 165.7%. As of September 14, the good - to - excellent rate was 67%, and the harvest progress was 7% [3] Market Analysis - The supply of old grain from traders was limited and its price was firm. New grain was gradually coming onto the market. Feed enterprises were using inventories, and deep - processing enterprises wanted to buy at lower prices. The overall supply was loose [5] Strategy - Cautiously bearish [6]